Callouts & quotes from 37,061+ activist slides

"EBIT margins expanded by >1,000 bps since 2018; company is targeting an average annual increase of 300 bps per year over any few-year period"

"Canadian Tire’s core organic EPS growth is the worst among its peers, and trails the peer set average when including the effect of buybacks."

"Management's focus on these initiatives and its discipline in maintaining a lean cost structure have produced consistent shareholder returns"

"Successful dishes like the Pork Filettino were popular, healthy, and profitable from Olive Garden’s past can be part of menu revitalization."

"As a result of poor execution and missed commitments, GoDaddy’s combination of growth and profitability is at the low end of its peer group."

"The single-layer cycle life test used a 70x85mm cell, while the multi-layer test used 30x30mm samples – only 15% of the square surface area."

"We believe majority support for this proposal will send a clear and direct message to the Board to eliminate the dual-class share structure."

"We urge DG's Board of Directors to formally propose this spin-off plan at the Company's next annual general meeting of shareholders ("AGM")."

"Because of this, there is currently no consensus standard of care for ablation of persistent AF, or redo procedures of any kind, beyond PVI."

"The resulting mosaic activation map is a jumble of completely incomparable regional maps that are difficult, often impossible, to interpret."

"Employees who remained behind at the mill after it was sold say they believed that Huaihua Yuda Wood was indeed a subsidiary of Sino-Forest."

"Management's focus on these initiatives and its discipline in maintaining a lean cost structure have produced consistent shareholder returns"

"Successful dishes like the Pork Filettino were popular, healthy, and profitable from Olive Garden’s past can be part of menu revitalization."

"This brings us to CONSOL Energy, a company that has been mining coal in Appalachia for 150-years, and has historically been very profitable."

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow"

"Pioneer has an exciting investment story that shows up in its presentations. This story bears no resemblance to its filings, or SEC-onomics."

"Believes Years of Self-Inflicted Issues Have Caused Avantor to Trade at a Meaningful Discount to its Intrinsic Value and Life Sciences Peers"

"We are already closing in on some of the first proposed return dates in early/mid-April with no end in sight as to the public health crisis."

"To the extent blaming the old private PE owner falls short, management would like to blame industry issues rather than accept responsibility"

"Sales of Class B shares should also be interpreted as a form of insider selling, which sends a concerning signal to other Premier investors."

"Accordingly, we believe that YY helps Big Li prop up his and other performers’ popularity—and YY revenues—by spending far more than he gets."

"We believe the intent behind changing top users' data is clear: to prevent others from discovering the scale and absurdity of the Bigo scam."

"We estimate management divested approximately $24m of stock in a non-transparent manner by not filing timely Form 4 statements with the SEC."

"We believe investors need to pay particularly close attention to India, which has consistently been AMR's largest customer by export market."

"As of 6/1/10, Tanger Factory Outlet Centers, the best comp for Simon's Premium Outlets segment, was trading at a higher cap rate than Simon*"

"QSR’s share price including dividends has increased 300% (4.0x) from our average cost since it merged with Justice Holdings to Jan. 19, 2018"

"If Canadian Residential Sales Volumes grew ~5% year over year while DND grew 3% in 2024, it implies that DND’s core business is losing share"

"If Canadian Residential Sales Volumes grew ~5% year over year while DND grew 3% in 2024, it implies that DND's core business is losing share"

"Our slate will ensure a thorough assessment and diagnosis of DND’s current operations in order to put the best plan in place to create value"

"此外，公司能为员工提供这么好的工作与学习环境，也能留住员工的心。自称在安踏工作了近10年的该公司二分厂负责人郑家远谈到进入公司办的大学就特别兴奋地说：“没想到工作如此繁忙还有时间上大学，真的感谢公司给了我这样一个既能学习又不耽误工作的机会。”还说，这样的企业自己是不会轻易离开的。"

"Why the proposed separation of Chair/CEO at BlackRock represents also a test on the coherence and integrity of the Asset Management Industry"

"Therefore, Barclays is estimating $1.13 per liter of capacity addition, or 77% higher than our estimated historical cost of $0.64 per liter!"

"Warning: We believe Oatly's revenue disclosures are insufficient and not what we'd expect from a company with a 20-year operational history."

"New guidance demonstrates little commitment to restoring or improving returns on tangible equity, even in a normal interest rate environment"

"Revenue targets of 3 - 4% CAGR in Investment Services do not reflect ability to capture the long-term growth prospects of underlying markets"

"ETFs and Alternative Investments are key long-term growth priorities, where significant portions of the servicing functions remain insourced"

"It strikes us as odd that on a St. Tropez property with a total purchase price of €12.5 million in 2013, the seller would provide financing."

"2U likely stopped disclosing revenue per cohort in 2016 because they did not want investors to be able to point to underperforming programs."

"Improving execution in the restaurants and creating a better customer experience are critical for the value creation opportunity at Bloomin'"

"With a high bar for new store ROI, Bloomin' shareholders face a win-win setup: build stores with high ROIs or return capital to shareholders"

"New business production is not expected to fully replace the amortization of the existing portfolio, and the ice cube will continue to melt."

"Historical precedent suggests that Celgene’s P/E multiple will continue to contract as the loss of REVLIMID’s patent exclusivity draws near."

"Despite repeated, bullish commentary from management on fedratinib, Wall Street analysts have overwhelmingly lower expectations for the drug"

"Industry insiders stated that they believe the Synergy Ballard joint venture is only able to produce a few hundred fuel cell stacks per year"

"Comparing these figures to period changes in non-GAAP COGS and connected device cost amortization suggest an escalating problem for Samsara."

"The weighted average unit weight is 53.8g, which equates to 18.6 units / kg. At an avg cost / unit of 0.98, the resulting value is $18.1/kg."

"The Precision Scheduled Railroading plan is the most known and transparent plan in the industry and has an unrivaled track record of results"

"Phillips 66's claims that our non-binding annual-election proposal (Proposal 6) is “illegal” are based on a fundamental mischaracterization."

"FND is taking on greater and longer-term risk from its store and distribution center expansion through legally binding purchase obligations."

"We believe that Richard “Dick” Sullivan (67) has been entrenched on FND’s audit committee as the longest running member since at least 2017."

"Our conclusion: either many acquisitions never had any EBITDA to contribute, or it has subsequently been eroded post contribution to Saputo."

"Milk2Go recently was available on Amazon.ca for distribution in Canada, but as of today is no longer available to purchased on the platform."

"To get a sense of how far below plan Saputo is in Australia, we look to statements made around liters of milk to be acquired for production."

"Therefore, we believe Huntsman’s performance seems to be the result of favorable macro conditions rather than skillful management execution."

"The subscriber declines are representative of an ongoing trend at AOL, which has seen total subscribers decline for 11 consecutive quarters."

"Excluding the volume pull-forward, we estimate reported net sales would have declined 23% to 25%, or 17% to 20% on a constant-currency basis"

"Aegon's primary insurance product is Indexed Universal Life ('IUL'); more than 70% of Aegon's new life sales were derived from IULs in 2022."

"Beam’s share price increased by 104% including dividends from the date FBHS was spun off from Fortune Brands until the day Beam was acquired"

"Analysts estimate that gross margins will magically increase, yet none are aware of Axon’s significant exposure to China imports and tariffs"

"After being the first to market, there is no indication whatsoever that the FLAWLESS product is in any way unique or preferred by customers."